China's economy will maintain medium to high growth

China’s economy has drawn a lot of attention from the international community recently. Most experts point out that the economy, buttressed by innovation and upgrading of traditional industry, will maintain “medium to high growth”.

The international community is confident about China’s economy after the Davos Forum. Mainstream German media pointed out that China’s 7% economic growth is equivalent to 800 billion US dollars. But there are still worries that the country will suffer from slowing economic growth, a property bust, overcapacity, or risks from shadow banking.

Chinese premier Li Keqiang said in Davos that China would restructure its economy and reduce its burden on resources and the natural environment. He also pointed out that the market would play the primary role in relocating resources and that the government would promote the upgrading of traditional industry. The country has 900 million workers. Entrepreneurship and innovation are an inexhaustible source of economic development.

China will strike balance between its market and government to improve the environment for entrepreneurs and innovators, said Zhang Liqun, researcher of Development Research Center.

The International Monetary Fund predicts that China’s economy will grow at 6.8% in 2015 and the Chinese Academy of Science predicts that China will grow at 7.2% in 2015. Zhang said that though China’s economic growth is slower, its economy will be upgraded and improved. It will sustain medium to high growth in the long run.